MOSCOW, March 11 (UPI) -- Russian natural resources are enough to meet domestic and European demands for the next 100 years, said Russian Prime Minister Vladimir Putin.
"The resources will be enough for Russia to satisfy our growing needs and the needs of our European consumers for at least 100 years ahead," Putin said. "I am absolutely responsible for what I am saying, and I rely on serious research works at this point."
His comments come on the heels of an agreement with Hungary to establish a joint venture for the construction of the South Stream natural gas pipeline to Italy, Pravda Online reports.
The proposed South Stream pipeline would bring an estimated 1.1 trillion cubic feet of natural gas from Central Asia and Russia to Italy through the Balkans. Planners anticipate a launch date of 2013.
Russian energy giant Gazprom said the South Stream project agreement with Hungary would include storage facilities to hold over 35 billion cubic feet of natural gas.
"This is a large amount that will guarantee the energy security and stability of the entire energy industry of Hungary," Putin said.
